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SEC postpones decision on spot Bitcoin ETF applications from BlackRock, Invesco, and Bitwise.
The United States Securities and Exchange Commission has postponed its decision regarding several applications for spot Bitcoin (BTC) exchange-traded funds (ETFs), including those from BlackRock, in light of a potential government shutdown.
The SEC also delayed the spot Bitcoin ETF submissions from Invesco, Bitwise, and Valkyrie, as indicated in separate filings dated September 28. Bloomberg ETF analyst James Seyffart anticipates that the applications from Fidelity, VanEck, and WisdomTree may also face delays from the securities regulator.
ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi
— James Seyffart (@JSeyff) September 28, 2023
Seyffart predicted these delays due to a possible U.S. government “shutdown” that could occur on October 1.
Both the House and Senate have not reached an agreement on various funding bills necessary to support government operations.
To prevent a shutdown, Congress must pass 12 distinct full-year funding bills by October 1.
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The recent delays occurred two weeks earlier than the anticipated second deadline for many applicants, who were expecting feedback from the securities regulator between October 16 and 19.
The SEC had previously postponed a group of spot Bitcoin ETF applications in late August as the initial deadline approached.
Meanwhile, the next set of deadlines for the seven firms is expected around mid-January, and further delays are possible. The SEC is required to reach a final decision by mid-March at the latest.
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In late August, Bloomberg ETF analyst Eric Balchunas assessed that the likelihood of a spot Bitcoin ETF receiving approval by the end of 2023 had risen to 75% (up from a previous estimate of 65%).
He attributed this increase to the consensus and clarity with which the U.S. Court of Appeals Circuit ruled in Grayscale’s legal victory over the SEC.
Balchunas further elevated those odds to 95% by the end of 2024.
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